Daily News

HADLEY — UMassFive College Federal Credit Union announced Sexton Roofing & Siding as the grand prize winner of its inaugural Small Business Spotlight contest. Driven by community nomination, the contest winner was formally announced at the final UMass football home game of the season at McGuirk Alumni Stadium on Nov. 30, which was also Small Business Saturday.

Sexton Roofing & Siding will be receiving an advertising package valued at $10,000 with UMass Athletics, allowing the business to be featured on digital displays, radio reads, and email blasts, as well as with tabling opportunities at the Mullins Center during UMass basketball and hockey home games for the remainder of the season.

The Small Business Spotlight contest drew more than 125 nominations from across Western Mass., highlighting businesses that demonstrate service, innovation, and community involvement. Two secondary winners, K’s Nutrition of Amherst and CLINIC Alternative Medicines of Northampton, were also recognized with $500 cash prizes to support their ongoing efforts in the local community.

This contest highlights the partnership between UMassFive, UMass Athletics, and UMass Sports Properties, UMass Athletics’ official multi-media rights holder, and their mutual efforts to uplift small businesses and deepen ties within the community, while celebrating small businesses that make a difference.

“Small businesses are the backbone of our community, and we’re honored to spotlight the incredible work they do every day,” said Craig Boivin, the credit union’s vice president of Marketing. “At UMassFive, we believe in investing in businesses that not only provide valuable products and services, but also give back and inspire others. This contest is our way of celebrating their impact and helping them grow.”

Ryan Bamford, director of Athletics at UMass, added that “UMass Athletics is proud to partner with UMassFive in this initiative to support and promote small businesses. Small businesses are vital to the vibrancy of our community, and we’re excited to provide this platform to amplify their voices and contributions to our fans and alumni.”

Sexton Roofing & Siding, a locally and family-owned residential and commercial roofing and siding contractor, expressed gratitude for the opportunity.

“This recognition means the world to us,” said Sasha Wilde, co-owner of Sexton Roofing & Siding. “Being featured at UMass Athletics home games is an incredible opportunity to introduce our business to a wider audience and share our passion with the community. This exposure will help us grow and continue making a difference.”

Daily News

WARE — Country Bank announced a $10,000 donation to the Quaboag Valley Community Development Corp. (QVCDC) to help local communities in the region.

“The Quaboag Valley Community Development Corporation is grateful for this generous donation from Country Bank,” said Melissa Fales, QVCDC executive director. “This donation will help us continue to run our Senior Outreach Program, which helps seniors with prescription pickup, grocery shopping, food-bank deliveries, and other chores. Country Bank’s support is not only an investment in the Quaboag Valley CDC’s mission, but an example of Country Bank’s commitment to making a difference in the community.”

Seniors’ underlying medical conditions can significantly impact their ability to get out safely to meet their everyday needs. The deliveries allow them to remain safely at home while addressing their critical needs.

To learn more about the various support programs the QVCDC offers, visit www.qvcdc.org.

Daily News

SPRINGFIELD — The Royal Law Firm will present a seminar on “Compensation Plans and Contingent Compensation Pitfalls” on Wednesday, Jan. 8, 2025 from 8:30 to 9:30 a.m. at 33 Elliot St., Springfield.

Attorney Trevor Brice will present an overview and discussion of the possible issues with current compensation plans and contingent compensation pitfalls made possible by recent court rulings. Some of the topics to be discussed include issues with current compensation plans under the FLSA, restrictive covenants and compensation plans, problems with commission-based compensation plans and possible solutions, and when a bonus is not actually a bonus and issues under the Massachusetts Wage Act.

This seminar is ideal for HR professionals and anyone in a management position drafting compensation plans for current and prospective employees.

The cost is $30 per person. Payments should be mailed, and checks made payable, to the Royal Law Firm, 33 Elliot St., Springfield, MA 01105. Registration is required, and seating will be limited. Email Heather Child at [email protected] to register or with any questions about the seminar.

Daily News

BOSTON — For the sixth year in a row, Eversource Energy has been recognized by Newsweek and Statista Inc. as one of America’s Most Responsible Companies for 2025. The award highlights the energy company’s environmental, social, and corporate-governance (ESG) initiatives, reaffirming Eversource’s commitment to sustainability throughout its operations and a workplace culture that embraces the values of corporate and social responsibility.

“We’re honored to receive this recognition once again from Newsweek and Statista Inc., which is a powerful reflection of our leadership in environmental, social, and governance areas throughout our business,” Eversource Chairman, President, and CEO Joe Nolan said. “As the energy landscape continues to rapidly evolve in New England, we recognize our responsibility to help address some of the greatest challenges facing our society, such as climate change and historical inequities faced by environmental-justice communities. Our unwavering commitment to sustainability is essential to securing a positive future for generations to come, and I’m tremendously proud of how our dedicated employees continue to incorporate this focus into all areas of our operations.”

The America’s Most Responsible Companies 2025 ranking focuses on a holistic view of corporate responsibility that considers environmental, social, and governance factors. Companies on the 2025 list were selected based on a review of publicly available data and a survey of 26,000 U.S. residents about their perceptions of companies related to corporate social responsibility. Since the annual ranking was introduced in 2019, Eversource has appeared in every edition of the list.

Community Spotlight

Community Spotlight

Karia Youngblood says Mount Holyoke College’s $175 million geothermal project is a bold move for the institution.

Karia Youngblood says Mount Holyoke College’s $175 million geothermal project is a bold move for the institution.

At its core, Mount Holyoke College’s $175 million geothermal energy initiative is an infrastructure project.

But, by design (in most cases, anyway), it has become much more than that.

Indeed, the massive undertaking, soon to enter its third phase, has become a living laboratory for many students, engaging them in learning opportunities involving everything from geology (during test-well drilling) to sustainable landscaping to humanities.

Meanwhile, the project has provided a captivating glimpse into the college’s past, with excavation work uncovering part of the foundation of the college’s original structure, the Seminary Building, which dates back to 1837, a find that provides some poignant symmetry, said Karia Youngblood, associate vice president of Facilities Management at Mount Holyoke.

“I worked with our archivist, and we overlaid the footprint of the Seminary Building and determined that foundation was actually the corner of the original boiler room of that building, which also explains why we found some fire bricks in that area,” she explained. “It felt like a really sweet, full-circle moment.”

Such symmetry is one intriguing aspect of this closely watched project, which is just one of many storylines unfolding in South Hadley.

“With our 19 units historically at 100% occupancy, with minimal opportunity to reside here due to lack of turnover, we believe the best way to sustain long-term success is to open the door to more housing.”

Others, said Town Administrator Lisa Wong, include everything from progress toward building a new elementary school to work toward development of a strategic plan for the town’s municipal golf course, to planned infrastructure work — and economic-development initiatives — in the community’s historic Falls section, which includes Town Hall.

“We’re hoping to raise some money and do some projects in that area, which is along the river,” she explained. “There are some businesses there, but we’re looking to attract more.”

As for established businesses that call South Hadley home, many can be found in the Village Commons, a setting unlike anything else in Western Mass. — a collection of buildings that has won awards for its design and is known for constant change, but also, in some ways, remarkable stability.

The Village Commons

The Village Commons has historically had a high occupancy rate for its retail and office space, and there’s a lengthy waiting list for its residential units.

Indeed, many of the commercial tenants have had this mailing address for decades, said Jeff Labrecque, chief operating officer of Center Redevelopment Corp., which manages the Commons for its owner, Mount Holyoke College, noting that the same is true for those occupying the 19 coveted residential units as well.

“We have one woman who has lived here for 36 years,” said Labrecque, noting that there is a waiting list for the units, one that people stay on for several years, on average, before there is a vacancy.

This lengthy waiting list helps explain why the Village Commons is actively looking to expand and add additional residential units, Labrecque told BusinessWest, adding that South Hadley, like most area cities and towns, has a critical need for housing, especially of the affordable variety.

“I’m an alum of the college, and the day the board approved this project, I felt so much pride in my institution that they had the courage to take such a bold step to preserve the environment, to preserve the legacy of Mount Holyoke.”

“We’re continuing to focus on residential expansion opportunities,” he said. “With our 19 units historically at 100% occupancy, with minimal opportunity to reside here due to lack of turnover, we believe the best way to sustain long-term success is to open the door to more housing.”

Meanwhile, one of the long-time commercial tenants in the Village Commons, the Bean Restaurant Group, founded by the Yee family, has continually expanded its presence within the complex. Three of the group’s 13 restaurants — Johnny’s Bar & Grill, IYA Sushi and Noodle Kitchen, and Johnny’s Tap Room, a banquet and events facility — are located within the Commons.

Overall, the group continues to grow in size, with the most recent addition being the Crush Wine Bar in West Hartford, Conn. but also in prestige, recently garnering the 2024 Restaurant of the Year Award from the Retailers Assoc. of Mass. (RAM), recognizing the company’s longstanding dedication to hospitality excellence, culinary creativity, and community engagement.

“It’s a feather in the cap, not for the Yee family, but really for our teams in every restaurant, because they’re the ones that build the relationships,” said Edison Yee, son of Johnny Yee, who laid the cornerstone for what would become a chain with the opening of the famed Hu Ke Lau in Chicopee. “They’re the ones table-touching every day, and they continue to bring that culture that my father instilled in all of us to our restaurants every day.”

 

Things Are Heating Up

Numbers certainly help tell the story of Mount Holyoke’s geothermal system. And there are quite a few of them.

When completed, there will be 26 miles of geothermal piping to be installed under the campus. The project also entails the drilling of 230 bores, each of them 600 feet deep, that will heat and cool 43 buildings covering 1.6 million square feet of real estate.

The most important numbers, though, are 2037 and 100% carbon neutrality. The former is a date, the college’s 200th birthday, and the latter is a goal to be reached by that date, a goal that in many ways inspired the geothermal project, said Youngblood, adding that this goal coincided with another one — to replace a 100-year-old, highly inefficient steam-distribution system.

Members of the second and third generations of the extended Yee family

Members of the second and third generations of the extended Yee family now managing the Bean Restaurant Group: from left, Matt Yee, Nathan Yee, Sonny Wae, Bonnie Wae, Emma Yee, Nick Yee, and Edison Yee.

Tracing the genesis and progression of the project, Youngblood, an alum who has been working in her current position for three years, said the college made a climate commitment in 2016, and in 2018 a sustainability task force was formed to look at how the college could reduce its carbon emissions.

That group’s work soon focused on the school’s fossil-fuel-powered heating plant and five large steam boilers, which produced 80% of those emissions. And it led to an energy master plan that looked at a handful of different technologies and was guided by several criteria, including cost, greenhouse-gas reduction, and technology that was both adaptable and able to offer engagement opportunities for on-campus researchers and students.

These and other guidelines were met by geothermal heat-exchange technology, she went on, adding that Mount Holyoke took inspiration — and some lessons — from a similar project at Carleton College in Minnesota, and commenced work in 2022.

“This is a bold step for the college,” Youngblood said as she put the many aspects of this initiative into perspective. “I’m an alum of the college, and the day the board approved this project, I felt so much pride in my institution that they had the courage to take such a bold step to preserve the environment, to preserve the legacy of Mount Holyoke. We’re a small liberal-arts college in Western Massachusetts, and many of our peers with larger endowments have yet to take such a step.”

As Wong noted, the geothermal project is one of many developing stories in South Hadley. Others include early-stage work to replace Mosher Elementary School; recent improvements to Buttery Brook Park, including wildly popular pickleball courts; the launching of an affordable housing trust to address that pressing issue; creation of a Human Services department; gaining designation from the state as a green community; and planned infrastructure work on Main Street.

Meanwhile, the town is also launching a strategic plan for its municipal golf course. Conceived in the late ’90s, when golf was enjoying a Tiger Woods-inspired boom, the course, called the Ledges, struggled for many years, but has fared better recently as golf has enjoyed another surge, this one fueled in part by the pandemic.

“The course is operating in the black, but it’s not covering all the debt right now,” said Wong, noting that the debt incurred to build the course and clubhouse will be paid off in four years, and the town wants a plan in place for maximizing that asset. A major focus will be on open space for the public, such as accessible walking trails.

 

It Takes a Village

While Labrecque takes the title COO of Center Redevelopment Corp., he likes to refer himself as an ‘innkeeper.’

In fact, at least one tenant calls him that, he said, adding that the hospitality-toned title is a better reflection of what he does day in and day out — and also what the Village Commons was designed to be and has certainly become.

“When you’re managing more than 70 tenants, and most of them are mom-and-pops, you really have to take on the innkeeper mentality, almost as if you’re running a bed and breakfast,” he explained. “And it’s always hands-on, very different from a commercial mall environment.”

As noted earlier, the Commons is noted for both its stability — some tenants go back to the very beginning in 1987, and many have called the complex home for 30 years or more — but also for the change that comes to any facility that is home to retail and office tenants.

That stability is marked by 100% occupancy on the retail and hospitality side of the equation, and 92% on the office side, which is strong compared to many office facilities in the post-pandemic, remote-work era, but still down from the Commons’ history of full occupancy, Labrecque noted.

“Hybrid work schedules continue to impact the office market, therefore creating an abundance of nationwide vacancies, leading to a heated and competitive leasing environment,” he said, adding that, while, these and other headwinds continue to present challenges to the Commons, the facility continues to more than hold its own.

Recent additions include Kiao Wan Thai restaurant, which opened its doors in October, and Eliza Moser Fine Art. Moser is an internationally trained oil painter, art instructor, and gallerist, and her facility hosts a broad range of weekly classes, paint nights, and one-day workshops that are routinely sold out.

Meanwhile, established tenants cover many sectors and include Odyssey Bookshop, Darby O’Brien Advertising, HUB International, Ochoa Day Spa, and Tower Theaters, which, like most cinema operations, is still in recovery mode from the pandemic, but making strides and continuing to be a destination that brings people to the Commons and its many restaurants.

“When you’re managing more than 70 tenants, and most of them are mom-and-pops, you really have to take on the innkeeper mentality, almost as if you’re running a bed and breakfast.”

Looking forward, the Commons is looking to advance what would be its first real expansion in more than 30 years, said Labrecque, adding that this expansion will come on the residential side, and with the twin motivations of meeting the town’s glaring need for more housing, while also providing more revenue with which to meet the growing costs of maintaining a complex now approaching its 40th birthday.

Additional residential units would constitute phase 3 of the Commons project, and it has been talked about for at least 20 years, he noted, adding that efforts have been slowed by the Great Recession, the pandemic, and other forces, but he expects some movement on this front within the next year.

 

Next on the Menu

Meanwhile, the Bean Group works to balance its ongoing efforts to expand with the day-to-day work of managing and operating 13 restaurants — and, during September, three more operations at the Big E.

It’s a complicated balancing act, said Nate Yee, a member of the third generation of the family now managing the group.

“We put a lot on our managers; we have a great amount of trust in them,” he told BusinessWest. “It comes with a lot of communication and checkpoints — that’s really how we do it. What sets us apart is that family touch where we’re in the units; we try our best to get to every restaurant at least once every week. It doesn’t always happen, and we rely on our managers.”

While the group is spread out across Western Mass. and now into the Hartford area, roughly half its restaurants are in South Hadley. In addition to those at the Commons, there are also the Halfway House Lounge, Johnny’s Roadside (a diner focusing on breakfast and lunch), and the Boathouse, located on the Connecticut River.

The 13 restaurants in the group run the gamut, from sushi to cheeseburgers and milkshakes at the two White Hut locations, and this diversity certainly makes it interesting, said Nick Yee, another of Johnny’s sons, noting that, beyond the wide variety of restaurants, the group is also coping with changes in eating habits, including a tendency among the younger generations to eat earlier and get home earlier.

“In South Hadley, our busiest time starts at 5, and it goes until 8,” he noted, adding that only a few years ago, peak time was closer to 7. “In South Hadley, we used to be open until midnight; now, we’ve cut that down to 9:30, 10.”

As for opportunities for expansion, there are many of them, said Nick, noting that “every restaurant is for sale, really.”

Nate agreed, adding that the group looks at many factors when it explores opportunities — from the lease conditions to parking; from the talent pool to the condition of the building in question — but, ultimately, it comes down to leadership and whether it would make a good fit with the group’s culture.

Maintaining that culture is job one, they agreed, adding that doing so contributes to awards like the one from RAM, but mostly leads to continued growth and success for a group that started nearly 60 years ago and is still thriving, especially in this town that’s progressing right along with it.

 

Wealth Management

Into the Metaverse

By Jeff Liguori

 

Social media has evolved from a niche digital trend into a global force, reshaping how people communicate, consume content, and interact with businesses. With billions of active users worldwide, platforms continue to evolve, adapting to new trends, technological advancements, and changing consumer preferences, with artificial intelligence a central force in driving that content.

Social media’s reach is staggering. As of 2024, more than 4.7 billion people globally use social media, accounting for nearly 60% of the world’s population. The sheer number of active users on platforms like Facebook, Instagram, TikTok, YouTube, and X (formerly Twitter) highlights the pervasive nature of social media in contemporary society.

These platforms are not only communication tools but also major drivers of entertainment, commerce, news distribution, and politics. For instance, Facebook, Instagram, and WhatsApp (all owned by Meta) have become critical for digital marketing, with businesses of all sizes leveraging these platforms for brand awareness, lead generation, and direct sales.

Jeff Liguori

Jeff Liguori

“With billions of active users worldwide, platforms continue to evolve, adapting to new trends, technological advancements, and changing consumer preferences, with artificial intelligence a central force in driving that content.”

These outlets have provided an infrastructure for the ‘influencer’ class, who directly profit from an increasing number of visitors or subscribers to their sites. It is estimated that an influencer on Instagram with 100,000 followers earns between $1,000 and $15,000 per post, depending on content, product placement, engagement with subscribers, and ads running on their sites.

For perspective, high-profile athletes and celebrities can earn millions of dollars per post. The professional soccer player, Christiano Ronaldo, arguably the most recognized and popular athlete in the world, has 645 million followers on Instagram and more than 1 billion on all his social-media accounts combined. Taylor Swift has 280 million Instagram followers and 550 million across all platforms.

 

Meta Dominance

Meta Platforms, which owns Facebook, Instagram, WhatsApp, and Oculus, is undeniably one of the largest players in the social-media space. The company has expanded far beyond its original social-networking service, diversifying into virtual reality (VR), digital advertising, and even the metaverse.

As of Q3 2024, Meta reported having 3.1 billion monthly active users across its family of apps. Facebook itself remains the dominant player, with more than 2.9 billion active users, followed by Instagram with 2.4 billion, WhatsApp with 2 billion, and Messenger at around 1.3 billion users.

Despite its massive user base, Meta’s stock performance has been volatile in recent years, especially following its aggressive push into the metaverse. While its quarterly earnings reports often show healthy revenues — primarily driven by advertising — investors have been divided on the long-term potential of Meta’s shift toward virtual reality and the metaverse. The company’s stock price has been subject to dramatic swings, particularly when its investments in the metaverse didn’t immediately translate to a clear revenue stream.

For instance, Meta’s stock price saw a significant drop in late 2022, losing nearly half of its value in just a few months. This was in part due to concerns that its focus on the metaverse was draining resources that could have been used to improve its core social-media business. But investors have gained confidence in CEO Mark Zuckerberg’s vision as advertising revenue has continued to grow, and its foray into AI-powered tools has generated excitement among investors. Since January of 2023, the stock price has skyrocketed nearly 400% to the end of November 2024.

Meta is now the fifth-largest publicly traded company in the world, with 72,000 employees and a total valuation of roughly $1.6 trillion. By contrast, Walmart, the largest global retailer, employing more than 2 million people worldwide, is valued at less than half of Meta currently.

The strategic shifts, user growth in key markets, and a focus on optimizing ad revenue continue to propel Meta’s profits. The company’s Q3 2024 earnings revealed a 20% year-over-year increase in revenue, with much of this growth coming from ad sales on platforms like Facebook and Instagram.

While Meta is undeniably one of the largest players in the social-media space, it faces intense competition from several other platforms. To get a better sense of the broader social-media landscape, the most recognized key performance metric is monthly average users (MAUs), which measures how many unique users interact with a product or service within a 30-day period.

The dominance of a few platforms, with Facebook, YouTube, and WhatsApp leading the pack in terms of monthly active users, is clear. Facebook remains the largest social-media platform with nearly 2.9 billion MAUs, a testament to its broad global reach. WhatsApp and Instagram, both under the Meta umbrella, have similarly vast user bases, collectively reaching more than 4.9 billion people each month.

Despite its impressive user count, TikTok has emerged as one of the most formidable competitors, with 1.7 billion MAUs. TikTok’s rapid growth, driven by its addictive short-form video content, has captured the attention of younger audiences and advertisers alike. The app has become a significant disruptor in the digital advertising space, particularly in reaching Gen Z, a demographic that Meta has struggled to retain.

 

The Future … Not Without Controversy

The future of social media is uncertain, with new platforms emerging and user habits shifting. While Meta’s advertising business remains robust, its long-term stock performance will depend on how well it can balance innovation in areas like the metaverse and AI, while maintaining its massive user base across Facebook, Instagram, and WhatsApp.

And the social ecosystem is not without controversy. Social media can contribute to mental-health issues, such as anxiety and depression, due to constant comparison and online validation. The spread of misinformation is another significant challenge, as false narratives can quickly gain traction and influence public opinion. Additionally, the pressure to maintain a curated, idealized online persona can lead to feelings of isolation and a lack of authentic connection.

Expect greater scrutiny of all things digital, especially as AI becomes exponentially more powerful, driving these sites and adapting to changing user habits.

 

Afterword

This article was almost entirely written using the AI platform ChatGPT. While I’m not an active user of AI tools for research or writing, I think it is an important commentary on the state of technology today.

I come from a family of writers — my brother is an editor for the New York Times and a vocal opponent of using AI for such articles. And while I agree there are many pitfalls to the artificial-intelligence phenomenon, as a society, we must work diligently to use all these tools for the betterment of humanity. With the ease of content production today, it is incumbent on all of us to use AI and social media responsibly and help police those that do not.

 

Jeff Liguori is the co-founder and chief Investment officer of Napatree Capital, an investment boutique with offices in Longmeadow as well as Providence and Westerly, R.I.; (401) 437-4730.

Wealth Management

Good News for Massachusetts Estates

By Hyman Darling, Esq.

 

In the fall of 2023, the Commonwealth increased the exemption for estate taxes for Massachusetts residents from the $1 million exemption (with the cliff) to $2 million with no cliff. The prior tax law was that each resident had an exemption of $1 million, but if the $1 million threshold was exceeded, then the exemption disappeared, and the tax was assessed on all assets back to the first dollar.

Therefore, the new Massachusetts estate-tax exemption is now a true $2 million exemption, such that only estates in excess of that amount are taxed. The law is retroactive and applies to all decedents dying on Jan. 1, 2023, and thereafter. The rates now start at 7% and increase at a graduated rate up to 16%.

Within the bill, however, Massachusetts attempted to tax real estate outside of Massachusetts owned by Massachusetts residents. Even the Department of Revenue’s instructions for completing the M-706 included language requiring that the non-state property of Massachusetts residents was to be included in the calculation of the estate tax. Under the Dassori v. Commissioner of Revenue case, however, the court ruled that the attempt by Massachusetts to estate-tax Massachusetts residents on their non-Massachusetts real estate was unconstitutional.

Hyman Darling

Hyman Darling

“The new Massachusetts estate-tax exemption is now a true $2 million exemption, such that only estates in excess of that amount are taxed.”

Good news — MGL Chapter 65C Sec. 2A was amended on Sept. 19 and now excludes the value of out-of-state property for estate-taxation purposes of Massachusetts residents. This law is also retroactive for deaths on or after Jan. 1, 2023. Non-Massachusetts residents who own property in Massachusetts will still need to file an estate-tax return where assets are in excess of the exemption, but these estates may have their Massachusetts estate tax reduced to a nominal amount as they are also entitled to the credit of $99,600 (the previous estate tax on $2 million).

For Massachusetts residents, we no longer need to list the out-of-state real estate with the value of -0- on the estate-tax return, claiming that the inclusion of the asset is unconstitutional. For example, if a Massachusetts resident has real estate and other assets in Massachusetts with a total value of $1.9 million and out-of-state real estate worth $1 million, a Massachusetts estate-tax return will no longer be necessary, and the fiduciary may file an affidavit of no tax due, in lieu of filing the estate-tax return to obtain a release of lien.

Massachusetts law provides that, when a person dies owning real estate within the Commonwealth, a lien automatically attaches to the real estate. This is how the state ensures that taxes will be paid. If the Massachusetts estate is less than $2 million, an affidavit may be filed in the Registry of Deeds, which releases the lien. If the estate is greater than $2 million, then a tax return is required to be filed to obtain a release of lien, even if no tax is due.

Of course, if the estate is large enough, a federal estate tax may have to be filed, as well as a state return for any state that still has estate taxes if the decedent owned property there. A good planning tool would now be to purchase property out of Massachusetts, which lowers the estate for tax purposes in the state. The CPA, investment advisor, and lawyer should be involved as a team in the planning process to determine the options available to lower estate taxes if possible.

 

Hyman Darling, a shareholder at Bacon Wilson and chair of the firm’s Estate Planning and Elder Law department, is recognized as the area’s pre-eminent estate planner, with extensive experience with all aspects of estate planning, trusts, tax law, probate and estates, guardianships, special-needs trusts and planning, elder law, and long-term care planning, and additional specialties including adoption and real estate; (413) 781-0560.

Wealth Management

Suspicion Warranted

By the Federal Trade Commission

 

People use cryptocurrency for many reasons — quick payments, to avoid transaction fees that traditional banks charge, or because it offers some anonymity. Others hold cryptocurrency as an investment, hoping the value goes up.

However, scammers are always finding new ways to steal your money using cryptocurrency. To steer clear of a crypto con, here are some things to know.

Only scammers demand payment in cryptocurrency. No legitimate business is going to demand you send cryptocurrency in advance — not to buy something, and not to protect your money. That’s always a scam.

Only scammers will guarantee profits or big returns. Don’t trust people who promise you can quickly and easily make money in the crypto markets.

Never mix online dating and investment advice. If you meet someone on a dating site or app, and they want to show you how to invest in crypto, or ask you to send them crypto, that’s a scam.

Scammers are using some tried and true scam tactics — only now, they’re demanding payment in cryptocurrency. Investment scams are one of the top ways scammers trick you into buying cryptocurrency and sending it on to scammers. But scammers are also impersonating businesses, government agencies, and love interests, among other tactics.

 

Investment Scams

Investment scams often promise you can make lots of money with zero risk, and often start on social media or online dating apps or sites. These scams can, of course, start with an unexpected text, email, or call, too. And, with investment scams, crypto is central in two ways: it can be both the investment and the payment.

Here are some common investment scams and how to spot them.

• A so-called ‘investment manager’ contacts you out of the blue. They promise to grow your money — but only if you buy cryptocurrency and transfer it into their online account. The investment website they steer you to looks real, but it’s really fake, and so are their promises. If you log in to your ‘investment account,’ you won’t be able to withdraw your money at all, or only if you pay high fees.

• A scammer pretends to be a celebrity who can multiply any cryptocurrency you send them. But celebrities aren’t contacting you through social media. It’s a scammer. And if you click on an unexpected link they send or send cryptocurrency to a so-called celebrity’s QR code, that money will go straight to a scammer, and it will be gone.

• An online ‘love interest’ wants you to send money or cryptocurrency to help you invest. That’s a scam. As soon as someone you meet on a dating site or app asks you for money, or offers you investment advice, that’s almost certainly a scammer. The advice and offers to help you invest in cryptocurrency are nothing but scams. If you send them crypto, or money of any kind, it’ll be gone, and you typically won’t get it back.

Scammers guarantee that you’ll make money or promise big payouts with guaranteed returns. Nobody can make those guarantees, much less in a short time. And there’s nothing low-risk about cryptocurrency investments. So, if a company or person promises you’ll make a profit, that’s a scam, even if there’s a celebrity endorsement or testimonials from happy investors. Those are easily faked.

Scammers promise free money. They’ll promise free cash or cryptocurrency, but free money promises are always fake. Scammers also make big claims without details or explanations. No matter what the investment, find out how it works and ask questions about where your money is going. Honest investment managers or advisors want to share that information and will back it up with details.

Before you invest in crypto, search online for the name of the company or person and the cryptocurrency name, plus words like ‘review,’ ‘scam,’ and ‘complaint.’ See what others are saying.

 

Business, Government, and Job Impersonators

In a business, government, or job impersonator scam, the scammer pretends to be someone you trust to convince you to send them money by buying and sending cryptocurrency.

Scammers impersonate well-known companies. They might say they’re from Amazon, Microsoft, FedEx, your bank, or many others. They’ll text, call, email, or send messages on social media — or maybe put a pop-up alert on your computer. They might say there’s fraud on your account, or your money is at risk — and to fix it, you need to buy crypto and send it to them. But that’s a scam. If you click the link in any message, answer the call, or call back the number on the pop-up, you’ll be connected to a scammer.

Scammers impersonate new or established businesses offering fraudulent crypto coins or tokens. They’ll say the company is entering the crypto world by issuing their own coin or token. They might create social-media ads, news articles, or a slick website to back it all up and trick people into buying. But these crypto coins and tokens are a scam that ends up stealing money from the people who buy them. Research online to find out whether a company has issued a coin or token. It will be widely reported in established media if it is true.

Scammers impersonate government agencies, law enforcement, or utility companies. They might say there’s a legal problem, that you owe money, or your accounts or benefits are frozen as part of an investigation. They’ll tell you to solve the problem or protect your money by buying cryptocurrency. They might say to send it to a wallet address they give you — for ‘safe keeping.’

Some scammers even stay on the phone with you as they direct you to a cryptocurrency ATM and give step-by-step instruction on how to insert money and convert it to cryptocurrency. They’ll direct you to send the crypto by scanning a QR code they give you, which directs the payment right into their digital wallet — and then it’s gone.

Scammers list fake jobs on job sites. They might even send unsolicited job offers related to crypto like jobs helping recruit investors, selling or mining cryptocurrency, or helping convert cash to crypto. But these so-called ‘jobs’ start only if you pay a fee in cryptocurrency, which is always a scam, every time.

As your first task in your ‘job,’ these scammers send you a check to deposit into your bank account. (That check will turn out to be fake.) They’ll tell you to withdraw some of that money, buy cryptocurrency for a made-up ‘client,’ and send it to a crypto account they give you. But if you do, the money will be gone, and you’ll be on the hook to repay that money to your bank.

To avoid business, government, and job impersonators, know that:

• No legitimate business or government will ever email, text, or message you on social media to ask for money, and they will never demand that you buy or pay with cryptocurrency.

• Never click on a link from an unexpected text, email, or social-media message, even if it seems to come from a company you know.

• Don’t pay anyone who contacts you unexpectedly, demanding payment with cryptocurrency.

• Never pay a fee to get a job. If someone asks you to pay up front for a job or says to buy cryptocurrency as part of your job, it’s a scam.